New $1.4 billion oil and gas project for Victoria
|
25 July 2008
|
The green light was given today for a $1.4 billion joint project by ExxonMobil Australia and BHP Billiton Petroleum to develop the Turrum oil and gas field in the Gippsland Basin.
|
It is expected the Turrum oil and gas field contains more than 110 million barrels of oil and gas liquids and one trillion cubic feet of gas – enough energy to power a city of one million people for 20 years.
Construction is scheduled to start in 2009, with oil production expected in 2011 and the first gas from this field anticipated in 2015.
BHP Billiton Petroleum Chief Executive J. Michael Yeager said the Turrum project would build on BHP Billiton’s long-life producing assets in Bass Strait and follows the recent approval of the $1 billion Kipper Gas Field Development in Victoria in December 2007.
"BHP Billiton’s investment to develop the Turrum field is yet another step in delivering significant value to our shareholders, while also adding new supplies of oil and natural gas to meet the future energy needs of South Eastern Australia. Our Bass Strait resource base continues to have significant opportunities to develop, even after producing for nearly four decades,” he said.
Victorian Premier John Brumby welcomed the investment, claiming it would provide greater energy security for Victoria, as well as ongoing employment for more than 1000 existing ExxonMobil employees.
“Today’s announcement is a $1.4 billion vote of confidence in Gippsland and Victoria,” Mr Brumby said.
Victorian Minister for Energy and Resources Peter Batchelor said the further development of Victoria’s gas supplies also had environmental benefits.
“The spotlight is on our energy sector to meet both our increasing energy needs and environmental expectations and gas forms an important part of the solution, producing significantly less greenhouse gas emissions than brown coal in power generation,” Mr Batchelor said.
“Developing our gas resources, such as Turrum, will help ensure Victoria has a range of reliable and affordable energy sources as we reduce the carbon emissions from our energy generation.”
The Turrum Project will involve the construction of a new platform, Marlin B, with a bridge-link into the existing Marlin A platform in the Bass Strait. Oil and gas will be piped back to Longford using new and existing facilities.
|
